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Microsoft Corp. is on the brink of making history by becoming the most highly valued U.S. company, surpassing the current record set by Apple Inc. Riding the wave of artificial intelligence and cloud computing, Microsoft's stock rallied 1.3% in afternoon trading on Friday, pushing its market capitalization to an impressive $3.12 trillion.

According to Dow Jones Market Data, Microsoft's market cap puts it on track to break the current record of $3.09 trillion set by Apple on July 31, 2023. As long as Microsoft's stock closes up by at least 0.4% or at any price above $415.84, it will officially overtake Apple's market cap.

This achievement comes just two weeks after Microsoft surpassed the $3 trillion mark in market capitalization, solidifying its lead against other technology giants. In contrast, Apple has faced challenges due to its reliance on struggling consumer markets, leading its shares to underperform in comparison to its competitors.

While Microsoft's stock has experienced an impressive rally of 11.6% year to date, Apple shares have seen a decline of 1.8%. This disparity highlights the diverging fortunes of the two tech giants in recent times.

Despite Microsoft's imminent milestone, Apple's stock managed to edge up 0.5% on Friday, resulting in a market cap of $2.92 trillion. Nevertheless, it remains to be seen whether Apple can regain its position as the top U.S. company in terms of market value.

As the tech-heavy Nasdaq 100 Index continues to evolve, Microsoft's success showcases the growing influence of artificial intelligence and cloud computing in the market. With its eye firmly on the future, Microsoft's relentless pursuit of innovation has propelled it to the forefront of the industry.

Overall, Microsoft's imminent feat of surpassing Apple as the most highly valued U.S. company ever is not only a testament to its robust performance but also a reflection of the changing dynamics in the tech sector.